Looking like a breakout and retest of 12 - 14K levels, where there is heavy resistance
- Falling volume - with - falling price
- RSI above 50
- MACD Cross-over
Looking like its gonna cross, watch volume closely, if it does not keep up with PA, then possible fake-out then bear smash, careful scalping. Also got May halving coming.. ;P
Chart says it all:
- Price Action exhausting on falling volume
- Higher Highs and Higher lows flattening out
- Needs to hold above ~5025$ area
- If we hit 5K could see slippage in 45-4800 range
- If it does, should see some accumulation - keep an eye on volume
This is not financial advice - just my opinion - happy and safe trading!
So, firstly, when looking at longer timeframes (1D or longer) it is much more useful to look at a logarithmic (log) chart.
One side effect that may help on and emotional level, is that the chart looks much less drastic.
Ok, so when comparing the 2013 ATH of ~$1125 and the retrace down to ~$155, to the 2017 ATH of ~$19,339 down to the $3k levels - there are a few...
- ZEN HAS ONCE AGAIN BOUNCED OFF ITS CRITICAL SUPPORT LEVEL AT ~15$ (GREEN HORIZONTAL LINE)
- THE PAST TWO DAYS BROKE UP AND THROUGH THE DOWNTREND RESISTANCE FROM PREVIOUS HIGH (SHORTER RED LINE FROM LAST HIGH)
- THE 10 AND 50 DAY MOVING AVERAGES ARE CONVERGING "THE PINCH+CROSSOVER (BULLISH SENTIMENT)
- MACD AND RSI ARE MOVING WITH UPWARD MOMENTUM
Head & Shoulders forming, typically a bearish signal. Although could get a chance to skim if the right shoulder end up higher than left.
I plan to buy back in when it corrects/drops.
I am a new trader - so, let me have it! and dont listen to me!